a loss on the K-1 of a PTP never flows to form 8582. That's because the loss from a PTP, while passive, can only be offset by income from the same PTP and not other passive income. Any suspended loss is released upon total disposition.
The 8990 is a real headache because Turbotax does not support it.
In TurboTax for a PTP, it's necessary to check the "PTP" box as on the K-1. If that's not done, then it doesn't get the proper tax treatment. There should be no loss from a PTP showing on Schedule E unless it was disposed of in a taxable transaction. Schedule E page 2 is used to report certain income and allowable losses from Partnerships, S-Corps, and Trusts.
If you disposed of the PTP then what's reported on the 1099-B is wrong. The broker never knows and thus never adjusts for the activity. It is necessary to use the sales schedule that would accompany the K-1. There is also a K-3 that may affect your reporting, but that might not be out until after 4/15.
After reviewing the postings in this forum, if you don't think your accountant properly reported the PTP activity check with another tax pro
